Insurance provides Subscribers with the backing of a full refund of the Tip Cost if the Tip is not a winner.
The cost of Insurance is listed under the Tip Cost when looking to Subscribe to a Tipster and is set at a percentage of the Tip Cost.
At the Tip Exchange we believe a Tipster should only get paid for winning tips. If a Tipster does not come up with a winner you get a full refund of the Tip Cost.
It is that simple.
Special Offer for new Subscribers. Insurance Cost is 10% of Tip Costs for all Tips Subscribed to before the 1st July 2011.
Refunds generated by insurance will be deposited into your Tips and Form account.
How Insurance Works - Subscriber
Example 1 - Subscriber Pays for a Winning Tip.
A Tip is purchased for a Tip Cost of $10 which generates an Insurance charge of $1 making the Total Tip Cost $11. The Tip Cost comes out of the Subscribers Tips and Form account. The Tip Wins and as a consequence no Insurance is needed and no further action is required.
Example 2 - Subscriber Pays for a Loosing Tip.
A Tip is purchased for a Tip Cost of $10 which generates an Insurance charge of $1 making the Total Tip Cost $11. The Tip Looses and as a consequence Insurance comes into effect. The Tip Cost of $10 is refunded into the Subscribers Tips and Form account. The $1 Insurance charge becomes the only cost incurred in purchasing the Tip.
Insurance Effect - Tipsters
Example 1 - Tipster Provides a Winning Tip.
A Tip is sold for a Tip Cost of $10. The Tip Wins and as a consequence the Tipster receives the Tip Cost less Commission payable of $1. The $9 is paid into theTipsters Tips and Form account as soon as the Tip is resulted.
Example 2 - Tipster Provides a Loosing Tip.
A Tip is sold for a Tip Cost of $10. The Tip Looses and as a consequence Insurance comes into effect. The Tip Cost of $10 is refunded into the Subscribers Tips and Form account and as a consequence the Tipster receives no payment.
